Internships are a great way to gain experience while you’re in college or immediately after graduation. Depending on the field you are entering, as well as your location, you may have the benefit of choosing between a paid or unpaid internship. While choosing a paid internship may seem like a no-brainer, there are benefits to unpaid internships too. Let’s compare the two:
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Advantages |
Disadvantages |
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Monetary compensation |
Competitive because few internships are paid |
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Experience in your field |
Paid internships are rare |
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Networking opportunities |
Low wage (usually minimum wage) |
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Paid internships are typically found at large corporations and brand-name businesses |
May not get hands-on experience |
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Possible employment opportunity |
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Advantages |
Disadvantages |
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Experience in your field |
No pay (some internships may give you a travel stipend) |
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Networking opportunities |
|
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Given hands-on experience as compensation |
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Possible employment opportunity |
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Less competition because unpaid internships are more common |
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The chance to internship at a smaller organization |
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In general, you want to base your choice on the experience, not just the pay. Finding an internship where you will be able to gain hands-on experience at a company you can learn a lot from will make it work your while, regardless of whether you are paid. Consider the following when choosing your internship:
If the company is large, you may be able to meet a lot of people in your industry. On the other hand, you may not be able to get as much hands-on experience as you’d like. At a smaller company you will be able to see all of the daily operations under one roof, but you may not be paid very much (if at all) for your work.
If your internship is just a few weeks long, than having no pay may not be so bad. On the other hand, if your internship will last the entire summer and will require full-time hours you may not be able to afford having no pay for that time.
Will you have to commute for your internship? If so, calculate how much it will cost you. If you’ll be traveling for 20 minutes or more, you may want to consider asking for a travel stipend to help pay for your commute.
Weigh the pros and cons of every internship opportunity, and make sure the experience will work for you long after you graduate college.
